Developers Chetrit and JDS close $49M loan for $1B Miami River project

Miami /
Sep.September 20, 2016 02:15 PM

The Chetrit Group and JDS Development Group closed on a $49 million pre-development loan for their $1 billion, mixed-use Miami River project. 

Natixis Real Estate Capital provided the floating loan, according a press release. New York-based Ironhound arranged the financing for the 6.2-acre site at 401 Southwest Third Avenue, currently housing the River Yacht Club.

The five-phase project will have 1,678 residential units, 330 hotel rooms, 266,000 square feet of retail and office space, and more than 2,000 spaces. Developers hired Fortune International Group to handle condo sales (that have not yet launched), and the project is also slated to bring on a major hotel flag soon. Local developer Ari Pearl is also a partner on the development.

Plans for the site include four towers, a hotel, shops, restaurants, and a public river walk with boat slips. Phase one will have a 56-story building with a 207-room hotel, 334 condos, 42,100 square feet of retail and a parking garage.

In October 2015, the Miami City Commission approved a development agreement and rezoning on the 10-acre site. To obtain city approval for higher density, the developers promised to invest $14 million into an affordable workforce housing fund, as well as pay $7 million for public infrastructure surrounding the project, including renovating nearby Jose Marti Park. Raymond Jungles has designed the plans for the park. – Katherine Kallergis


Related Articles

arrow_forward_ios
Joseph Chetrit and a rendering of the Miami River project (Getty)
Chetrit scores $15M for Miami River $1B mixed-use project
Chetrit scores $15M for Miami River $1B mixed-use project
River Landing, Andy Hellinger and Coralee Penabad
Years in the making, $425M mixed-use Miami River development opens
Years in the making, $425M mixed-use Miami River development opens
Terrazas Miami (Google Maps, iStock)
Miami River condo association alleges $10M in defects: lawsuit
Miami River condo association alleges $10M in defects: lawsuit
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail
Altman scores $55M construction loan for Ludlam Trail project
Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 
Related switches gears on Terminal Island project, now plans low-rise offices
Related switches gears on Terminal Island project, now plans low-rise offices
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...